HomeMy WebLinkAbout2023 02 27 Consent 307 - AndCo Consulting - Fourth Addendum to Agreement for Investment Performace Monitoring and Advisory Services • CONSENT AGENDA ITEM 307
,n m=ared CITY COMMISSION AGENDA I FEBRUARY 27, 2023 REGULAR MEETING
1959
TITLE
AnclCo Consulting - Fourth Addendum to Agreement for Investment
Performance Monitoring and Advisory Services
SUMMARY
AnclCo Consulting (previously The Bogdahn Group) has been providing
consulting services to the Winter Springs' Pension Plan since July 2006. The
current contract provides for two (2) annual extensions of which this would be
the first. On February 9, 2023, the Board of Trustees voted unanimously to
recommend extending the AnclCo Consulting contract and payment of the all-
inclusive annual fee, billed quarterly in arrears, of$38,000 (an increase from
$31,000).
The extension will be from January 1, 2023 to December 31, 2023. The term of
the Agreement may be extended for an additional one (1)year term by
mutual agreement of both parties.
RECOMMENDATION
Staff recommends the City Commission to approve the extension of the City's
contract with AnclCo Consulting for pension investment consulting services for
a term of January 1, 2023 through December 31, 2023, renewable for an
additional one (1) year term by mutual agreement of both parties and to
direct the City Manager and City Attorney to prepare and execute any and all
applicable documents.
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FOURTH ADDENDUM TO
AGREEMENT FOR INVESTMENT PERFORMANCE
MONITORING AND ADVISORY SERVICES
THIS FOURTH ADDENDUM ("Fourth Addendum") is entered into this day of
, 2023, by and between ANDCO CONSULTING, LLC, a Florida limited
liability company ("Contractor"), and THE CITY OF WINTER SPRINGS, a Florida
municipal corporation, ("City").
WITNESSETH:
WHEREAS, Andco Consulting, LLC, was previously known as Bogdahn Consulting,
LLC, having submitted to the Florida Department of State Division of Corporations on January
9, 2017 its Articles of Amendment to Articles of Organization of Bogdahn Consulting, LLC,
thereby changing the name of the limited liability company; and
WHEREAS, Contractor and City previously entered into the Agreement for Investment
Performance Monitoring and Advisory Services on July 1, 2006 ("Agreement") for the purpose
of Contractor providing investment performance monitoring and advisory services with respect
to the City of Winter Springs Pension Plan; and
WHEREAS, on July 1, 2009, Contractor and City entered into an Addendum to the
Agreement, extending the term of the Agreement("First Addendum"); and
WHEREAS, on January 1, 2014, Contractor and City entered into "Amendment 1 to the
Agreement for Investment Performance Monitoring and Advisory Services Dated July 1, 2006
and Addendum Dated July 1, 2009 between the City of Winter Springs and Bogdahn Consulting,
LLC ("Second Addendum") to the Agreement on July 1, 2009, extending the term of the
Agreement and increasing the annual compensation to Contractor; on January 1, 2020,
Contractor and City entered into the Third Addendum to Agreement for Investment Performance
Monitoring and Advisory Services, extending the term of the Agreement and increasing the
annual compensation to Contractor; and
WHEREAS, the Contractor and City desire to exercise the annual extension set forth in
Section 2.0 of the Third Addendum and to increase annual compensation to Contractor as
provided for herein; and
WHEREAS, during a duly noticed public meeting of the City's Pension Board of
Trustees, the Trustee's approved the terms and conditions contained within this Fourth
Addendum; and
NOW THEREFORE, in consideration of the mutual promises herein contained, the
parties agree as follows:
1.0 Recitals. The foregoing recitals are hereby deemed true and correct and are
FOURTH ADDENDUM TO AGREEMENT FOR INVESTMENT PERFORMANCE
MONITORING&ADVISORY SERVICES
City of Winter Springs/Andco Consulting,LLC
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incorporated herein by this reference as a material part of this Fourth Addendum.
2.0 Extension of Term of Agreement. Pursuant to Section 2.0 of the Third
Addendum to Agreement for Investment Performance Monitoring and Advisory Services, dated
January 1, 2020, the parties hereby extend the term of this Agreement for an additional one (1)
year term. The term of the Agreement may be extended for an additional one (1) year term by
mutual agreement of both parties.
3.0 Fees Paid to Contractor. In consideration of the services rendered by Contractor,
the City shall pay an all-inclusive annual fee,billed quarterly in arrears, of$38,000.00.
4.0 Miscellaneous. Any other term or condition of the Agreement not expressly
modified by this Fourth Addendum shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals on the
day first written above.
CONTRACTOR:
ANDCO CONSULTING,LLC,
a Florida limited liability company.
By:
Print Name:
Title:
CITY:
CITY OF WINTER SPRINGS
a Florida municipal corporation.
By:
Shawn Boyle
City Manager
FOURTH ADDENDUM TO AGREEMENT FOR INVESTMENT PERFORMANCE
MONITORING&ADVISORY SERVICES
City of Winter Springs/Andco Consulting,LLC
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